Your Home Loan Toolkit – Consumer Financial Protection Bureau

CFPB ThumbnailThe Consumer Financial Protection Bureau (CFPB) has prepared an extensive “Your home loan toolkit” that will lead the family looking to purchase their first home through the steps to prepare themselves.  The guide is also extremely helpful for the experienced homeowner that is either looking to purchase a new home or refinance their existing mortgage.

It is often repeated that the mortgage qualifications have really not changed much from the past in that lenders always wanted to be assured the mortgage would be paid on time and the debt would eventually be repaid in full.   What has changed is the need to now document extensively, the evidence of your credit worthiness.

Certain, that the rules have changed since your last application process.  More documents are required and financial history further back in time that support the evidence of your ability to pay the loan back.  Today, buyers are still very able to get new loans but you must know that the lenders have established multiple layers of application review.  By preparing yourself with knowledge of the process, you will be far a head of the process in your preparation.

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